Summary
- Bitcoin whales' recent one-month sell-off reached 114,920, reported as the largest scale since 2022.
- It stated that large investors' risk-aversion sentiment has created short-term downward pressure on Bitcoin's price.
- It is assessed that inflows from institutional investors are helping Bitcoin's price maintain some resilience in the mid- to long term.
Whales holding large amounts of Bitcoin (BTC) are showing significant selling pressure.
On the 8th (Korean time), crypto-asset (cryptocurrency) specialist media Cointelegraph reported, citing a CryptoQuant report, that over the past 30 days Bitcoin whales sold 114,920 bitcoins. This amounts to about $12.7 billion (about KRW 17.7 trillion) in cash terms, and is the largest monthly sell-off since 2022.
CryptoQuant contributor 'caueconomy' analyzed in the report, "Large investors' risk-avoidance tendencies are increasing," and "they are exerting downward pressure on the price in the short term." In fact, as whales sold large amounts of Bitcoin, Bitcoin at one point in August fell below $108,000.
However, despite the whales' sell-off, there are opinions that Bitcoin's price is somewhat stabilizing due to inflows from institutional investors. Nick Luck, LVRG Research Director, said, "Recent whale selling has triggered short-term volatility and liquidations, but during the same period, buying from institutional investors also flowed in," and assessed, "Medium- to long-term resilience appears to be maintained to some extent."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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